汉鑫科技(837092)4月23日晚间披露2024年年报。去年，公司践行"硬终端"的战略目标，完成"汉鲲"硬件 终端品牌的注册，基本完成首个硬件终端试产实验室的搭建，迈出了从软件集成到软硬一体化路线的第 一步，构建起"硬终端+软平台+解决方案"的全链服务能力，拓宽了业务产品边界，提升了公司在产业 链的垂直整合能力和产品竞争力，全年实现营业收入2.72亿元，实现净利润1520.31万元。 在分红方面，公司拟向全体股东每10股派发现金红利0.5元(含税)，预计共派发现金红利307.31万元。据 了解，公司自上市以来现金分红及股份回购额度累计达到上市以来净利润总额的40.91%，充分彰显了 公司对投资者长期信任的回馈。 近年来，随着人工智能技术的快速发展，相关产业政策支持力度的持续加大，AI相关产业领域迎来前 所未有的发展机遇。面对行业变革，汉鑫科技董事长、总经理刘文义在年报致辞中指出，当前公司已完 成三大战略储备：一是构建起覆盖感知层、算法层、应用层的技术矩阵；二是形成政府端、企业端、运 营端的市场联动格局；三是储备了支撑长期发展的战略资源池。 据了解，公司深耕智慧城市领域20余年，积累沉淀了大量的业务及技术经验 ...

Financial Performance - In 2024, the company achieved a revenue of 4.636 billion yuan, representing a year-on-year growth of 9.29% [1] - The net profit attributable to shareholders was 312 million yuan [1] - The net cash flow from operating activities was 261 million yuan, an increase of 130 million yuan, reflecting a year-on-year growth of 99.25% [5] Industry Position and Comparison - The company is positioned among the leaders in the financial IT industry, with a steady increase in revenue [1] - The overall industry is experiencing a shift towards digital transformation, with a focus on AI applications in finance [4] Future Growth Opportunities - The company anticipates growth driven by advancements in large model technology and increased investment in "AI + Finance" by financial institutions [1] - The trend of "self-controllable" and "domestic substitution" strategies is expected to deepen, expanding the market for domestic innovation [4] - The demand for intelligent technology and financial technology applications is projected to enter a period of explosive growth [4] Cross-Border Payment Achievements - The company has achieved comprehensive coverage of clients in the cross-border payment sector, including central bank IT subsidiaries and major banks [3] - It possesses technical capabilities and experience in building cross-border payment systems, utilizing communication and messaging technologies as well as blockchain technology [3] Industry Outlook - Artificial intelligence is recognized as a core engine for new technological innovation and industrial transformation, driving the digital evolution of financial institutions [4] - The market demand for intelligent technology and financial technology applications is expected to surge due to the integration of AI and finance [4]

Core Viewpoint - The technology sector is currently one of the most dynamic segments in both A-shares and Hong Kong stocks, with a positive outlook for 2025 despite potential fluctuations [1] Group 1: Market Trends - The decline in costs associated with artificial intelligence is facilitating the entry of consumer-grade products such as AR glasses and service robots into the market [1] - The integration of large models into industries like intelligent driving is a significant trend, alongside the focus on new infrastructure and innovation in technology [1] Group 2: Competitive Landscape - The competition in computing power driven by large model training is crucial for the global technology industry's development, as it reduces the costs of training and using large models [1] - The concept of "vehicle-road-cloud integration" is essential for the further advancement of intelligent driving technologies [1] Group 3: Investment Focus - Future investments should concentrate on intelligent terminals and application sectors, with attention to the decreasing costs of computing power, upgrades of large models, and the empowerment of industries through low-cost solutions [1] - Domestic large models are being integrated into various fields such as finance and healthcare, promoting intelligent upgrades through customized development and fostering the collaborative development of industry standards and application ecosystems [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a robust revenue growth of 50.76% year-on-year in Q1 2025, achieving a revenue of 2.4 billion yuan and a net profit of 506 million yuan, which is a 75.33% increase year-on-year [3] - The company has a strong order backlog with contract liabilities amounting to 3.237 billion yuan, reflecting a quarter-on-quarter increase of 23.34% [3] - The company maintains sufficient inventory levels at 5.794 billion yuan, ensuring delivery capabilities [3] - The company is positioned as a leader in the domestic CPU market, with its products being included multiple times in the national catalog, showcasing superior performance [3] - The company is actively expanding its product matrix, with the successful launch of the Haiguang 4 and ongoing development of the Haiguang 5, which utilizes self-developed CPU microarchitecture [3] - The company is expected to benefit from the growing AI chip market, projected to reach 144.7 billion yuan in 2024, with increasing capital expenditures from major players [3] - The investment recommendation is based on the company's unique x86 licensing, core technology mastery, and self-iteration capabilities, with a forecasted net profit of 3.063 billion yuan for 2025 [3] Financial Summary - The company's projected revenue for 2023 is 6.012 billion yuan, with a growth rate of 17%, and is expected to reach 24.443 billion yuan by 2027, with a growth rate of 30% [2] - The net profit for 2023 is projected at 1.263 billion yuan, with a year-on-year growth of 57%, and is expected to grow to 5.932 billion yuan by 2027 [2] - The earnings per share (EPS) is forecasted to increase from 0.54 yuan in 2023 to 2.55 yuan in 2027 [2] - The company's price-to-earnings (P/E) ratio is projected to decrease from 282.9 in 2023 to 60.2 in 2027, indicating improving valuation [2]

资料显示，慧为智能作为行业领先的AIoT嵌入式系统解决方案服务商，凭借多年持续的研发投入，在工业设计(ID)、结构设计(MD)、硬件设计和软 件设计与算法等方面积累了丰富的经验，打造了一支经验丰富、高水平、高专业化的研发团队，能够有效满足各类应用场景的定制化智能终端产品 需求。 值得关注的是，2024年公司研发投入再创新高，达到3816.67万元，占营业收入比例增长至8.74%，较2023年的7.88%显著提升。数据显示，公司研发 投入已连续五年保持稳定增长态势，技术壁垒持续巩固，助力公司可持续发展。 4月21日晚间，慧为智能公布2024年度报告，公司实现营业收入4.37亿元，实现归母净利润154.82万元。2024年，公司紧密围绕电子信息与计算机设 备、智能终端研发制造的核心业务，坚定执行长期可持续发展战略，以技术创新为驱动，优化产品结构，深化市场布局，在复杂多变的经济环境下 实现了稳健经营。 在销售端，公司采取双轮驱动策略：一方面加大新产品在国内外市场的推广力度，通过高毛利产品的导入维持整体利润水平；另一方面深化与国内 外头部品牌客户及运营商的战略合作，拓展信创终端业务和5G终端业务，实现国内外市场的均衡 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside based on current market conditions [6][9]. Core Insights - The company reported a strong revenue growth of 50.8% year-on-year in Q1 2025, achieving a revenue of 2.4 billion RMB and a net profit of 506 million RMB, which is a 75.3% increase year-on-year [6][9]. - The company maintains a high level of R&D investment, focusing on general computing and AI computing markets, which has led to continuous technological innovation and product performance enhancement [9]. - The increase in prepayments, inventory, and contract liabilities suggests robust downstream demand, providing a strong foundation for future performance [9]. - The company’s CPU and DCU products are well-positioned to benefit from the domestic computing market's growth, particularly due to the impacts of the US-China tariff situation [9]. Financial Summary - The company’s projected net profits for 2025-2027 are 3.20 billion, 4.67 billion, and 6.71 billion RMB, respectively, with year-on-year growth rates of 65.81%, 45.96%, and 43.56% [7][9]. - Earnings per share (EPS) are expected to be 1.38 RMB, 2.01 RMB, and 2.89 RMB for the same period, reflecting significant growth [7][9]. - The price-to-earnings (P/E) ratios for 2025-2027 are projected at 112, 76, and 53, respectively, indicating a favorable valuation relative to expected earnings growth [7][9].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside based on current market conditions [6][9]. Core Insights - The company has maintained high revenue growth, achieving a 50.8% year-on-year increase in Q1 2025, with revenue reaching 2.4 billion RMB and a net profit of 506 million RMB, reflecting a 75.3% increase [6]. - The company is focused on the general computing and AI computing markets, with significant R&D investments leading to technological innovations and enhanced product competitiveness [9]. - Key financial metrics show a strong upward trend, with projected net profits for 2025-2027 expected to be 3.20 billion, 4.67 billion, and 6.71 billion RMB, respectively, with year-on-year growth rates of 65.81%, 45.96%, and 43.56% [7][9]. Financial Summary - The company's revenue is projected to grow from 6.01 billion RMB in 2023 to 30.01 billion RMB by 2027, with a corresponding increase in net profit from 1.26 billion RMB to 6.71 billion RMB over the same period [12]. - The earnings per share (EPS) are expected to rise from 0.54 RMB in 2023 to 2.89 RMB in 2027, indicating strong profitability growth [7][12]. - The price-to-earnings (P/E) ratio is projected to decrease from 252 in 2023 to 53 by 2027, suggesting an attractive valuation as earnings grow [7][12]. Market Position and Trends - The company benefits from favorable market conditions due to the ongoing U.S.-China tariff situation, which is expected to accelerate domestic demand for computing power [9]. - The company's product offerings, particularly in CPUs and DCUs, are well-positioned to meet the growing needs of various industries, including telecommunications, finance, and education [9]. - The increase in prepayments, inventory, and contract liabilities indicates strong downstream demand and a robust order backlog, providing assurance for future performance [9].

事项： 4 月15 日，公司发布2024 年年度报告：2024 年公司实现营业收入10.44 亿元（YoY+31.49%）；利润总 额达3.85 亿元（YoY+24.06%）；归母净利润3.62亿元，（YoY+22.22%）。单Q4 营收4.15 亿元 （YoY+19.34%），归母净利润1.88 亿元（YoY+5.43%），全年经营性现金流净额4.73 亿元（YoY +36.95%）。 评论： 软件使用授权业务稳居主导地位，解决方案与一体机实现高增。分业务来看，2024 年公司软件产品使 用授权业务收入达8.94 亿元（YoY+22.79%），核心驱动来自能源、交通等领域信息化建设的加速推 进；综合解决方案收入为0.98 亿元（YoY+204.51%）；运维服务收入为0.37 亿元，同比+38.50%；数据 库一体机收入为0.13 亿元（YoY+179.59%），主要受益于一体机在党政、教育等行业的应用及推广，产 品毛利率显著提升至41.16%（YoY+6.05pct）。 公司全年毛利率为89.64%（YoY-6.41pct），主要原因系低毛利解决方案业务占比提升，但核心软件授 权毛利率维持99.69%，显 ...

Core Viewpoint - The article discusses the significant shift in China's IT landscape, particularly in the education sector, driven by the need for domestic software and hardware solutions, highlighting the emergence of the C86 architecture as a viable alternative to the traditional x86 architecture [1][30]. Group 1: Background and Context - The Wintel alliance is facing unprecedented challenges, with Intel undergoing cybersecurity reviews and Microsoft considering closing its China operations, indicating a potential decline in the alliance's influence [1]. - The "2+8+N" initiative has prompted various industries to pursue domestic IT system and software replacements, with the education sector now fully embracing this trend [1]. Group 2: Challenges in Transition - Transitioning to new IT systems involves more than just replacing hardware; the real challenge lies in the smooth migration and reconstruction of the entire IT ecosystem [2]. - The lack of a robust software ecosystem for domestic computers has been a persistent issue, primarily due to the underlying CPU architecture [3]. Group 3: Architecture Debate - The instruction set architecture (ISA) serves as a critical communication bridge between software and hardware, with x86 being the dominant architecture due to its deep integration with Windows [4]. - Changing the architecture poses risks of widespread software incompatibility, as many existing systems rely on x86 [5]. Group 4: C86 Architecture Advantages - The C86 architecture, developed by domestic manufacturers like Haiguang and Zhaoxin, retains x86 compatibility while allowing for a more practical and cost-effective transition [10][11]. - C86 architecture is particularly suited for the education sector, where performance, stability, and compatibility are paramount [11][12]. Group 5: Performance Metrics - C86 architecture shows over 90% compatibility with common educational applications, while other architectures only achieve around 60% [16]. - Performance loss in C86 devices ranges from 10% to 20%, significantly lower than the 30% to 40% loss seen in other architectures [16]. - C86 devices demonstrate superior performance in real-world applications, such as faster file decompression and image processing compared to other architectures [18][20]. Group 6: Practical Implementation - C86 solutions have been successfully implemented in various educational systems, showcasing their ability to run existing software seamlessly and efficiently [26]. - The architecture allows for easy deployment of teaching software and systems, enhancing the overall educational experience [29]. Group 7: Conclusion - The C86 architecture represents a pragmatic approach to achieving domestic IT solutions in education, balancing cost, compatibility, and performance without necessitating a complete overhaul of existing systems [30][31].

Core Viewpoint - The company is a leading provider in the domestic terminal security management field, offering comprehensive information security solutions that support national strategies for information technology innovation and security [3][4]. Company Overview - The company is recognized as a leader in terminal security management and a prominent solution provider in the network and information security sector, serving critical industries such as government, military, finance, and energy [3][4]. - The company has developed a complete ecosystem of information security products and solutions, focusing on three main areas: information security and innovation, high-security communication, and national defense intelligence [3][4]. Main Business and Product Introduction Information Security and Innovation - The company has established a "pan-terminal" security management system that integrates various types of terminals, enhancing network security management capabilities [5][6]. - The company has launched a new integrated internal network security management platform that addresses compatibility issues among different security systems, improving user experience [5][6]. High-Security Communication and Mobile Office - The company has developed a secure instant communication platform, "Xinyuan Mixin," which supports various applications and enhances digital transformation for government and enterprise clients [23][24]. - The platform employs advanced security measures, including end-to-end encryption and multi-dimensional protection, ensuring data confidentiality during transmission and storage [24][25]. National Defense Intelligence and Ecological Construction - The company is addressing complex security challenges in national defense by integrating intelligent security management systems that utilize advanced technologies such as AI and blockchain [36][37]. - The company has implemented a multi-layered defense mechanism for military facilities, enhancing security through real-time monitoring and intelligent decision-making [37][38]. Financial Audit and Reporting - The company received a standard unqualified audit opinion from its accounting firm, indicating a stable financial position [2]. - The company has not declared any cash dividends or stock bonuses for the reporting period, focusing on reinvestment for growth [2]. Strategic Development - The company is committed to aligning its product offerings with national strategies for information security and innovation, actively participating in the development of a secure and reliable ecosystem for information technology [8][19]. - The company is expanding its product matrix to include a comprehensive range of security solutions that cover the entire lifecycle of data protection, from storage to transmission and application [19][20].